KARLSHAMN, SWEDEN — AAK has partnered with Miyoshi Oils & Fats Co. to create a new company: AAK Miyoshi JP. AAK will have a 70% interest in the company, with Miyoshi holding the remaining 30% stake.
AAK Miyoshi JP will be based in Tokyo, Japan, will have both sales and customer innovation resources, and will focus on products for the chocolate and confectionery, bakery, dairy and infant nutrition markets. The new company has entered a toll manufacturing agreement with Miyoshi Oils & Fats Co., which will manufacture the products locally.
“With global customers and regional leaders, Japan is obviously a very attractive market to be present in for AAK,” said Torben Friis Lange, president of AAK Asia. “Miyoshi is a very good match in size, location, technology and culture and has very well-developed relations with many important local customers. Together, we will continue to develop customer relations as well as the portfolio of specialty and semi-specialty products.”
Founded in 1921, Miyoshi Oils & Fats Co. had annual revenue of approximately SEK 3 billion ($360 million) in 2014. The company has facilities in the Tokyo and Osaka harbor areas.
“I have visited AAK many times over the last 40 years and it is with great pleasure we welcome this partnership,” said Katsuyoshi Miki, executive managing director at Miyoshi Oils & Fats Co. “I’m confident that it will be successful and that it will create great synergy effects for both partners.”
In addition to the partnership, AAK said it is building a specialty and semi-specialty edible oils factory in Zhangjiagang, China, which will be operational during the end of the second quarter of 2016. AAK recently acquired 51% of a leading Indian oils and fats company, creating AAK Kamani, based in Mumbai.
The AAK Miyoshi JP partnership will be operational in January 2016.